The Pros and Cons of Owning A Laundromat Business

Laundromats can be a great side hustle that produces cash flow and leads to financial freedom. Jordan Berry, multi-store owner and host of the Laundromat Resource Podcast, shares some of the pros and cons of owning a laundromat business.
Learn how to buy your first laundromat for FREE:
laundromatresource.com/free-e...
From being a cash business and not time-intensive, to the high cost of laundromats and tough customers, this video will help you figure out if owning laundromats is the best fit for you!
To check out the Laundromat Resource Podcast, check here:
laundromatresource.com/podcast

[@aliawells]

Thanks so much for the info!!!

[@gregstuder6495]

If you have issue with homeless, you can take the high road and have a sheet of places to get help. It is hard to deal with them but they may just need direction.

[@KevinNatale]

Do you recommend 24 hour service or is there any data to suggest that a standard 6am-10pm works just as well

[@panama-canada]

You cannot run them hands off. Things break all the time. You need to be hands on.

[@filleeepehtehhehduh4050]

How far do you live from your business? Do you have staff to open, close. Maintain?

[@efrenguzman9961]

What’s the best place to buy equipment?

[@LaundromatResource]

Your local distributors for the different brands would be the best place to start

[@tweentiff]

What's the monthly % of costs for laundromat: utilities, maintenance, payroll, etc.?

[@LaundromatResource]

They all depend on the laundromat and a lot of various factors (location, equipment age/condition, etc.) but generally speaking you can expect 15-20% for utilities, 5% for maintenance, 25-35% for payroll, 25-35% for rent.

[@ballsachotdog]

@@LaundromatResource so worse case scenario your pocketing 5% before taxes?

[@LaundromatResource]

@@ballsachotdog is more complicated than that because you’ll have items like depreciation/etc. that will effectively show your income as much lower or even zero on paper. I’m not a tax professional but I good one can help you figure out how to minimize your taxes legally so you pocket more of your money

[@scooter10421]

Is it safe to collect the coins yourself?

[@LaundromatResource]

My laundromats are in some of the roughest areas and, knock on wood, I haven't had any problems collecting. It is wise to take precautions though, as things can happen. Vary your collection times, collect when other people are present, do as much as possible behind closed doors, etc.

[@davidbrakefield188]

Carry a gun and be prepared to use it.

[@dgreenapple]

What about the challenges of finding a bank that's willing to help you manage a ton of cash and, worse, a ton of coins? Many banks aren't interested!

[@LaundromatResource]

Typically you just recycle the coins back into the change machines so you’re just bringing in cash to the bank. Any bank that works with businesses won’t have a problem dealing with cash deposits. You can also use digital payment options in place of, or to supplement, coins

[@FIXbyLMJ]

ptpa: czcams.com/video/nAbbYdmVPKI/video.html

[@angelachanelhuang1651]

I really wonder how people make it with laundromats

[@adamjensen7870]

The video is not up where you pointed

[@LaundromatResource]

Oh man, sorry. Which video did I mention and I'll try to link it here for you

[@adamjensen7870]

Minute 632, perks to owning a laundromat

[@adamjensen7870]

10 reasons to own a laundromat

[@merc340sr]

...money laundering business...no pun intended.....loll....

[@LaundromatResource]

hahaha

[@holyride1]

Annoying dialog..

[@neerajchaudhary1821]

Jordan's knowledge and energy are top-notch. Take a look at your own situation - why the negativity.